DCG misses $600M payment to Genesis as Gemini seeks resolution
Major Genesis creditor Gemini says it's considering to provide forebearance in order to avoid a default situation.
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Major Genesis creditor Gemini says it's considering to provide forebearance in order to avoid a default situation.
FTX wants to claw back $2B given to GGC by SBF's Alameda Research and more than $1.62B that was withdrawn from FTX before it went bust.
— Genesis
A group of creditors have said no thanks to a Genesis bankruptcy agreement made two months ago and have new demands.
Prior to the bankruptcy, many Genesis creditors said they still believed they'd be able to get all or most of what they had deposited back.
Genesis Global has voluntarily filed for bankruptcy, along with its crypto lending arm, as parent firm DCG faces rising financial distress.
One creditor who pulled his funds from Genesis says he was lured back by emails from salespeople and incorrect monthly balance sheets.
Billionaire Cameron Winklevoss has written a letter to Barry Silbert of Genesis, escalating a dispute over hundreds of millions of dollars.
If Genesis fails, $350 million of the $600 million owed to Todd Boehly's Eldridge would become due, according to the terms of the loan.
Bitvavo is due up to $300 million after Bahamas-based FTX collapsed, leaving Genesis Trading and Digital Currency Group owing $1.8 billion.
The Grayscale Bitcoin Trust (GBTC) provides a way for investors to gain exposure to bitcoin, without having to own bitcoin.